Hind Rectifiers Share Soars 15% as Sinnar Plant Starts Production

Picture Source: Internet

Shares of Hind Rectifiers jumped 15% on Friday after it started commercial production at its Sinnar, Maharashtra state manufacturing facility.

The company, which manufactures rectifier equipment and semiconductor devices, has built an area of ​​about 12,900 square meters at the Sinnar factory. These new lines at Sinnar will start to yield benefits in 2023-24, the company said in a bourse filing.

The company is focusing on expanding this product range by developing new products in-house, which it says is in line with its goal of generating additional revenue and raising profits.

In Q3FY23, the company’s operating revenue rose 3% YoY (YoY) to Rs 97 crore compared to Rs 78 crore in September 2022 quarter. However, the company’s net profit soared 85% to Rs 2.42 crore. The company reported a net loss of Rs 4.06 crore for the September quarter.

Revenue fell 8% year-on-year to Rs 248 crore in the nine months. The company also posted a net loss of Rs 3.9 crore for the nine months to December 2022, compared to a profit of Rs 6.2 crore reported in December 2021.

The company’s shares have risen 3% in the last month and 11% over the past six months. The stock was up 14.95% at Rs 225.65 per share at 10:15 am, while the benchmark Nifty was down 1.12% at 17,392.10.

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